Investments in Foreign Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2013

Equity Method Investments And Joint Ventures [Abstract]

Summary of Financial Information of Foreign Joint Ventures

Summary unaudited financial information of our foreign joint ventures (100%) in U.S. dollars was as follows at September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012:

	BOMAY				MIEFE					AAG
	2013		2012		2013			2012		2013			2012
Assets:
Total current assets	$	100,829	$	87,127	$	4,200		$	3,726	$	3,109		$	1,983
Total non-current assets		5,122		5,025		135			120		1,595			347
Total assets	$	105,951	$	92,152	$	4,335		$	3,846	$	4,704		$	2,330
Liabilities and equity:
Total liabilities	$	79,312	$	69,154	$	1,460		$	1,257	$	1,728		$	1,474
Total equity		26,639		22,998		2,875			2,589		2,976			856
Total liabilities and equity	$	105,951	$	95,152	$	4,335		$	3,846	$	4,704		$	2,330
	Three Months Ended, September 30, 2013 and 2012
	BOMAY				MIEFE					AAG
	2013		2012		2013			2012		2013			2012
Revenue	$	17,995	$	20,069	$	1,530		$	743	$	1,434		$	2,275
Gross profit	$	2,853	$	3,452	$	372		$	441	$	259		$	842
Earnings	$	1,187	$	1,561	$	(29	)	$	—	$	(59	)	$	329
	Nine Months Ended September 30, 2013 and 2012
	BOMAY				MIEFE					AAG
	2013		2012		2013			2012		2013			2012
Revenue	$	82,986	$	77,078	$	7,021		$	5,823	$	9,433		$	4,940
Gross profit	$	10,451	$	11,948	$	1,659		$	1,185	$	3,691		$	1,715
Earnings	$	5,308	$	5,962	$	356		$	46	$	1,777		$	419

Summary of Activity in AEIT's Investment in Foreign Joint Ventures

The following is a summary of activity in AETI’s investment in foreign joint ventures for the nine months ended September 30, 2013:

	BOMAY**			MIEFE			AAG			TOTAL
	(in thousands)
Investments in foreign joint ventures:
Balance at December 31, 2012	$	9,531		$	1,063		$	814		$	11,408
Equity in earnings (loss) in 2013		2,123			146			871			3,140
Repayment of advances		—			—			(179	)		(179	)
Dividend distributions in 2013		(1,320	)		—			(23	)		(1,343	)
Foreign currency translation adjustment		212			(29	)		(121	)		62
Investments, end of period	$	10,546		$	1,180		$	1,362		$	13,088
Components of investments in foreign joint ventures:
Investment in foreign joint ventures	$	2,033		$	15		$	53		$	2,101
Undistributed earnings		7,203			901			1,509			9,613
Foreign currency translation		1,310			264			(200	)		1,374
Investments, end of period	$	10,546		$	1,180		$	1,362		$	13,088

** Accumulated statutory reserves in equity method investments of $1,857 at September 30, 2013 and $1,620 at December 31, 2012 are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China’s (“PRC”), regulations on enterprises with foreign ownership an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely: (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.